Consumer Panel chair Adam Phillips says the consumer perspective could be lost when the PRA is considering matters such as mortgage interest caps or the distribution of funds in with-profits funds.

He says: “We want the panel to be given the same rights with regard to the PRA as it currently has with the FSA. We are concerned that the consumer perspective will be ignored when the PRA is considering issues such as mortgage regulation or with profits funds.

“It is widely acknowledged that a formal statutory relationship with the Panel has been of great benefit to the FSA. A similar relationship with the PRA would ensure consumer interests are taken into account in the new authority.”

The Treasury is expected to publish the financial services bill which sets out in detail how the new regulators will work by the end of this month.